Amazon to pop 23% this year to near $800 billion value, says Wall Street’s new biggest bull on stock

Amazon stock will add to its historic run in 2018 thanks to its booming advertising business, according to a new bull on Wall Street.

BMO Capital Markets raised its price target on Amazon to $1,600 from $1,200, the highest 12-month forecast on the e-commerce company of any brokerage on Wall Street. The target represents a 23 percent gain from Friday’s close of $1,305.20.

“We believe the emergence of Amazon’s advertising business can support both margin and multiple expansion and could be a greater catalyst for the shares if management shares more data points like it did for Amazon Web Services,” wrote BMO analyst Daniel Salmon on Monday. “The end result is greater confidence in the company’s advertising opportunity and an increase in our estimates.”